Two types of budgets are a static budget and a flexible budget. How do the two budgets differ? Explain how the flexible budget is used in evaluating performance. (a) What are the reasons to use a flexible budget? (b) What is the major distinct...
The flexed direct labor budget amount is the standard rate multiplied with standards required labors for actual production The standard cost for... Learn more about this topic: Variance in Accounting | Definition, Formula & Examples from Chapter 3/ Lesson 5 ...
This may have allowed Birchwood, Inc., to reduce waste and spoilage, resulting in a favorable raw materials usage variance that more than offset the $0.25 per board foot unfavorable price variance. Based on the variances during August, this is a good trade-off for the management of Birchwood...
This may have allowed Birchwood, Inc., to reduce waste and spoilage, result ing in a favorable raw materials usage varia nee that more tha n offset the $0.25 per board foot unfav orable price varia nee. Based on the varia nces duri ng August, this is a good trade-off for the man ...
What is meant by the term financial leverage? What is the definition of equivalent units of production? Explain what manufacturing overhead generally refers to in accounting. What is the definition of a capital market? What is the Budget Variance direct labor?
What is meant by segregation of duties in accounting? Explain the importance of separation of duties to a system of internal controls. Three students share a house. Having better things to do than clean house, they hire someone to come in and clean once Explain segregation of duties principle...
What is the difference, if any, between acquisition costs and direct combination expenses? Give examples of each. How can prepaid expenses be recorded? What are the miscellaneous expenses as shown in a balance sheet? Explain what can be identified as expenses quickly in accounting. What are some...
Why is manufacturing overhead applied to jobs rather than using actual overhead incurred? What are the concepts used in manufacturing accounting? What are the major objectives of a cost accounting system in a manufacturing company? What is the Flexed Budget Actual direct labor? What are the ...
calculate financial ratios to make important business decisions. Some external users may utilize these ratios to help them make important decisions such as whether they want to invest in a company or not. Common financial ratios used by companies is the working capital ratio and the current ...
A cost sheet is one of the internal accounting documents of any business organization. The total costs of the production are reported in this sheet by classifying them according to their function, and it helps calculate the profit margin.